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作者：Shilong Meng  Yanjun Jiang*  Jiahui Song  Hong wu Sun  Yanfei Sha

题名：The impact of digital inclusive finance on alternate irrigation technology innovation : From the perspective of the 『catfish effect』 in financial markets

期刊：《Agricultural Water Management》.2025 ,312(05)

摘要：Alternating irrigation technology innovation (AITI) is a crucial means of improving agricultural water use efficiency, which is significant for sustainable agricultural development and food security. However, AITI faces severe financing constraints, leading to insufficient funding. Therefore, this study aims to explore how to alleviate the financing constraints on its technological research and development (R&D) and promote innovation in alternating irrigation technology (AIT). From the 「catfish effect」 perspective in financial markets, this study uses data from 286 prefecture-level cities in China between 2011 and 2022. It applies a two-way fixed effects model and a threshold effect model to empirically test the mechanism of digital inclusive finance (DIF) in promoting AITI. The results show that DIF significantly boosts AITI. Mechanism testing reveals that this effect is driven by the 「catfish effect」 in financial markets. This effect not only increases the credit availability for innovation entities but also reduces financing costs, thereby fostering technological innovation in alternating irrigation. However, the heterogeneity analysis indicates that this effect varies due to differences in the funding sources for R&D. The impact is more significant for enterprise-type innovators, while it is not significant for individual and research institution innovators. Finally, the threshold model test suggests that the influence of DIF exhibits a marginally increasing nonlinear characteristic.

交替灌溉技术革新是提升农业用水效率的重要手段，对农业可持续发展和保障粮食安全具有重要意义。然而交替灌溉技术创新受到严重的融资约束，导致经费投入不足。为此，本研究旨在探究如何缓解其技术研发的融资约束，促进交替灌溉技术创新。从金融市场“鲶鱼效应”的视角出发，本文利用中国286个地级市2011-2022年的数据，运用双向固定效应模型及门槛效应模型，实证检验了数字普惠金融对交替灌溉技术创新的作用机理。结果表明：数字普惠金融能够显著地促进交替灌溉技术创新。机制检验发现，这一影响是数字普惠金融触发了金融市场的“鲶鱼效应”，不仅提高了技术创新主体的信贷可得性，同时降低了融资成本，进而促进了交替灌溉技术的创新增长。但是异质性分析表明，由于各创新主体的研发资金来源不同，这种影响也呈现出明显的异质性。对“企业”型创新主体的影响更为显著，对“个人”和“科研院所”两类创新主体影响甚微。最后门槛模型检验发现，数字普惠金融的影响具有边际递增的非线性特征。

关键词：Alternating irrigation technology  Financing constraints  Subject differences  Threshold effect  Technological innovation

交替灌溉技术；融资约束；主体差异；门槛效应；技术创新